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On31 August 2021,DAC PensionsLimited wasplaced into creditors’ voluntaryliquidation.Liquidators arenowwinding upthe firm’spersonal pension scheme, known asthe Davies & Co SIPP. This article gives advice to DAC clients on the steps they should take and also advice on how to protect against scams.
If you are a client of DACPensions,you shouldimmediately stoppayingcontributionsto the Davies & Co SIPP. You should also have already received information fromthe firm orits liquidators, Quantuma Advisory Limited, about any actionsto takeregarding your pension.If you have not received this information,contact DACPensions orQuantuma– using the details below.
Being alert to scams
All consumers should remain alert to the possibility of fraud. If you are a client of DAC Pensions and are called by someone claiming to be from DAC Pensions,Quantumaor any other company claiming to be involved in the liquidation, please end the call and call theliquidatorsback using the following number: 02380 336464.
See more on how to protect yourself from the most common types of scams.
What isDACPensions Limited?
DACPensionsisan FCAauthorisedself-invested personal pension (SIPP) operator based inCambridgeshire.
What happens to DAC Pensionsnowit isin liquidation?
Although in liquidation,DACPensionsremains an FCA-authorised firm and is still subject to our rules so that the liquidator can continue to operate the pension schemewhile it is being wound up.
DACPensions andQuantumahavewritten to the firm’s clients to explain next steps and any actionsthat need to be taken.If you are a client of DAC Pensions and you haven’t heard from it orQuantuma, please contactthe liquidators’using these details:
visit:www.quantuma.com
call:02380 336464
ACPensions@quantuma.comWhat should Ido if I have acomplaint against DAC Pensions?
DAC Pensions orQuantumashould have already written to you to explain next steps and the process to make a complaint.
If you have already referred a complaint to the Financial Ombudsman Service,you don’t need to take any action.As the firm is in liquidation, theFinancial OmbudsmanServicewill contact you in due course to ask for permission to refer the case to the Financial Services Compensation Scheme (FSCS).
Whatshould I do if I want to complain?
DAC Pensions is covered by theFSCS.The FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000. If you are a client of DAC Pensions, you should now make a claim to the FSCS for any losses you have incurred as a result of transferring your pension to DAC Pensions. TheFSCS will investigate whether there are any claims that meet the qualifying conditions for compensation.
There is moreinformation about the FSCS on its websiteor you can call 0800 678 1100 to speak directly.
Do I need to use a third party to make a claim?
You do not need to use a claims management company tomake a claim against the firm or through the FSCS.
For the vast majority of consumers, there is no benefitto usinga third partyto makea claim.Any clients of DAC Pensions who believe they have a complaint against the firm should contact Quantumaor theFSCS directly.
Whatif I have a SSAS withDAC Pensions?
We understand DAC Pensions providesadministration for a small number of small self-administered scheme (SSAS) pensions. These are occupational pensionsregulated by The Pensions Regulator.See more information on what a SSAS is and how they work.
Quantumawill write to you confirming next steps if you have a SSAS. For more information, contact Quantuma using the details above.
https://www.fca.org.uk/news/news-sto...rs-liquidation
